Xerox’s PARC Spins Out Novity, a Breakthrough Predictive Maintenance Venture
NORWALK, Conn., November 02, 2022--(BUSINESS WIRE)--Xerox has spun out Novity™, a start-up founded by Xerox’s Palo Alto Research Center that has developed and commercialized industrial predictive maintenance technology.
"PARC’s goal has always been to incubate, launch and commercialize disruptive technologies, and Novity is an excellent example of this model in action," said Naresh Shanker, chief technology officer at Xerox and President at PARC. "We are proud of Novity’s success to-date and look forward to following the journey as it grows beyond PARC and brings manufacturers closer to the ultimate goal of zero unplanned downtime."
"Our commitment to existing and future industrial customers is to fundamentally transform the performance of a key part of their operations and ensure that it performs consistently and predictably," said Markus Larsson, founder and CEO, Novity. "With the combination of our team and PARC’s IP embedded in the Novity TruPrognostics™ engine, we’re well on the way to deliver on our mission to make manufacturers operate cleaner, faster and better."
The Novity solution was launched by PARC earlier this year and is an Industrial Internet of Things (IIoT) technology that uses equipment sensors and proprietary algorithms to enable industrial manufacturers to see the future health of their production assets without large amounts of historical data. The Novity TruPrognostics engine relies on a combination of machine learning and physics-based models of equipment, predicting failures with 90 percent or better accuracy and lead times of months, not weeks or days.
With the spin out, Xerox will maintain a minority stake in Novity.
About Novity
Founded in 2022, Novity, Inc. is a spin-out from the storied Xerox Palo Alto Research Center (Xerox PARC), drawing on its decades of breakthrough innovation in AI, sensors and the Internet of Things (IOT). The Novity TruPrognostics™ engine provides industrial manufacturers peace of mind and exceptional accuracy in predicting the health of their plant assets and equipment. Learn more at www.novity.us.
About Xerox Holdings Corporation (NASDAQ: XRX)
For more than 100 years, Xerox has continually redefined the workplace experience. Harnessing our leadership position in office and production print technology, we've expanded into software and services to sustainably power today's workforce. From the office to industrial environments, our differentiated business solutions and financial services are designed to make every day work better for clients — no matter where that work is being done. Today, Xerox scientists and engineers are continuing our legacy of innovation with disruptive technologies in digital transformation, augmented reality, robotic process automation, additive manufacturing, Industrial Internet of Things and cleantech. Learn more at xerox.com.
About PARC
Palo Alto Research Center Incorporated, a Xerox company, is in the Business of Breakthroughs®. Practicing open innovation, it provides custom R&D services, technology, expertise, best practices and intellectual property to Fortune 500 and Global 1000 companies, startups, and government agencies and partners. The company creates new business options, accelerates time to market, augments internal capabilities and reduces risk for clients. Since its inception, PARC has pioneered many technology platforms – from the Ethernet and laser printing to the GUI and ubiquitous computing – and has enabled the creation of many industries. Incorporated as an independent, wholly owned subsidiary of Xerox in 2002, PARC today continues the research that enables breakthroughs for businesses.